Which of the following statements regarding mortgage loan originators is accurate?

The statement that accurately reflects the responsibilities of mortgage loan originators is that they must notify applicants of the decision on the credit application within 30 days from the application date. This requirement is mandated by federal regulations, specifically the Equal Credit Opportunity Act (ECOA), which ensures that consumers are informed about the status of their credit application in a timely manner. Transparency in the mortgage process is crucial for maintaining fair lending practices and helping consumers understand their options.

The other statements, while related to mortgage processes, do not accurately represent the responsibilities of loan originators or are not entirely correct. For instance, while providing a loan estimate to the borrower within three business days of application is a requirement, it is not the correct focus of this question. Furthermore, the HUD-1 settlement statement is principally a document used in certain types of real estate transactions (primarily for reverse mortgages and home equity line of credit transactions) and does not always require provision one day prior to closing. Therefore, only the notification about the decision on the credit application is clear and consistent with regulation.